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Baby Boomers, Who Are More Successful as Entrepreneurs, Are Great Startup Assets

http://www.entrepreneur.com/

OCTOBER 24, 2014

One of the biggest myths in the business world is that start-ups are no place for Baby Boomers, that aging generation born between 1945 and 1964. They couldn’t possibly understand the new social-media culture, new technologies or have the determination to beat their younger counterparts in the market. Yet credible reports on current trends tell us just the opposite.

According to the most recent report from the Kauffman Foundation, the highest rate of entrepreneurship in America shifted a few years ago to the Boomer age group, compared to Gen-X (1965 to 1980) and Gen-Y (1981 to 1995). Today people over 55 are almost twice as likely to create successful startups as those ages 20 to 34.

A report from Gallup confirms that Boomers are still a third of the workforce, equal in size to the Gen-X segment and the Gen-Y segment. Don’t expect them to go away any time soon. Gallup says the Boomer demographic is the largest and still growing mainstream pool of experienced talent in the market today (76 million people strong).

The trend toward entrepreneurship in that group is sometimes called seniorpreneurship, where people over 50 take the helm of a new leading-edge high-opportunity venture. They include people such as Richard Branson, born in 1950, who has founded over 400 companies, and claims to be just getting started.

Boomers are well-qualified overall, having worked with high technology and computers for at least 20 years, highly educated and highly motivated. In addition to being the start-up entrepreneur, there are other key roles where Boomers can be a force in driving successful start-ups, in concert with leaders from Gen-X and Gen-Y:

1. Early-stage angel investors

Boomer investors are much more likely to get in the game with a high focus on mentoring and give-back, as well as the financial return potential. They want to share your satisfaction in success, maybe as a reward for their own mistakes and learning earlier in life in their own businesses.

2. Supportive co-founder and executive positions

Every young entrepreneur needs an experienced partner for credibility with investors, and as a trusted cohort for strategy and growth discussions. Often the Boomer is more willing to work for equity, and easily convinced to step aside when revenues reach that next threshold.

3. Member of the advisory board

Every start-up needs two or three key advisors who have the domain experience, connections and complementary skills to guide the founders through those early crises. Boomers are more likely to give you the time and guidance that you need, and give your executive team additional visibility.

4. Manage customer service

They probably have arbitrated differences many times before in their lives, and know how important it is to remain calm and soft-spoken in the face of emotional customers and processes that are not working. Often a little gray hair gives added credibility to their efforts, and provides a role model for other support roles.

5. Personnel manager

This is one of the key roles in a growing new company that can benefit from someone who clearly has experience dealing with people — whether it be hiring and firing, assisting in performance reviews or dealing with the day-to-day crises of any growing business. All the learning from parenting pays big dividends here.

On the other hand, there are some roles in a start-up where Boomers are probably not the best candidates:

  • Constantly-on-the-road sales territory management roles
  • Software and hardware development architects and designers
  • Marketing and sales to Gen-Y customers
  • Labor-intensive roles, including warehousing and construction

For aspiring new entrepreneurs of any age, this is an opportunity for a win-win situation, with the proper mix of Boomers, Gen-X and Gen-Y employees and executives. It’s time to think again that the domain of entrepreneurs is only for the under-35 crowd.

The large crop of Boomers is only going to get larger as we live healthier and work longer. Be inclusive, and let’s continue to make entrepreneurship one of the most fun things around.

Becoming Accessible: Transforming A Bathroom For Aging In Place

Study: The Aging of the Population Will Have Unexpected Economic, Environmental and Health Benefits

http://nationswell.com

As we all know, America’s population is getting older and older. According to the Department of Health and Human Services, by 2030 there will be 72.1 million people over age 65 in this country — more than double what there was in 2000.

With more of the population enjoying greater free time, there could be a surge in innovators and entrepreneurs.

With more of the population enjoying greater free time, there could be a surge in innovators and entrepreneurs.

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What Happens When You Have One Of Those a-ha Moments

http://www.stayinplace.org

Recently, a client of one of our DAASE members – we will call her Barbara – had one of those “a-ha” moments. But a little background first.Barbara is one of the 76 million Baby Boomers who are in “age-denial” and as such, don’t see a need – nor have a desire – for incorporating design features in the home that would permit them to “age in place”… or what we as DAASE members prefer to say… “Stay In Place.” (more…)

How Architects Design For An Aging Population

By Shelly Little freshhome.com

The growth in the number of adults  65 years and older will double over the next 25 years. This statistic creates a demographic that is unprecedented in America’s history, as stated in The State of Aging and Health in America.

The aging population prefers smaller homes with little to no-step entries. Image Source: Leland Grp

The aging population prefers smaller homes with little to no-step entries. Image Source: Leland Grp

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Home is Where the Heart Is – The Benefits of Aging in Place

As people get older and start needing day-to-day assistance, they must first decide what form that assistance should take: should a registered caregiver visit daily or weekly, should a home monitoring system be installed, or is it time to make the move to assisted living?

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Fall Prevention Awareness Week

Resources from the National Council on Aging’s Center for Healthy Aging on National Fall Prevention Awareness Day and State Coalitions

Among older adults, falls are the leading cause of injury deaths, unintentional injuries, and hospital admissions for trama.  Falls can take a serious toll on older adults’ quality of life and independence.  To recognize this critical issue, at the state level SRC 77 was passed in 2008 declaring the first week of Fall each year as Fall Prevention Awareness Week. (more…)

Leadership Begins By Giving Back

Gary Multanen is founder and owner of Best Bath Systems. Once a month, he offers insights into the industry, the company, and his philosophies.

 

Leadership Begins By Giving Back

Leadership Begins By Giving Back

How do you lead? I’m not talking about business or family, but what do you do for the communities you work and live in? Your contributions of time, energy, and money are crucial elements to making local communities great places to live, work, and play.

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The ADL Spa Collection Offers Easy Access For Homeowners With Limited Mobility

Caldwell, Idaho – Best Bath Systems, a leading manufacturer of showers and tubs, has redesigned its ADL Spa line of elevated transfer bathtubs, permitting homeowners with limited mobility to enjoy a safe, luxurious bathing experience. (more…)

App Up! Providers Create Mobile Apps to Help Caregivers

by Gene Mitchell – www.leadingage.org

How could your organization benefit if a client or resident could carry it in his pocket? If a family caregiver could have it handy in her purse? (more…)